Grand Lake Stream, Maine Property Taxes
The median property tax rate in Grand Lake Stream, ME is 0.96%, slightly below the national median of 0.99% and significantly lower than the Maine state median of 1.57%. With a median home value of $85,600 in Grand Lake Stream, the typical annual property tax bill amounts to $822, which is considerably less than the national median of $2,690. Property taxes in Grand Lake Stream are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Grand Lake Stream's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Grand Lake Stream or another part of Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grand Lake Stream, Maine Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,140
Ownwell’s Grand Lake Stream Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Lake Stream with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Lake Stream to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Grand Lake Stream, Maine
Property taxes in Grand Lake Stream, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Lake Stream is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Grand Lake Stream set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Lake Stream estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Grand Lake Stream's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04668 has both the highest and the lowest median property tax rate of 0.96%. Understanding how these areas compare with Grand Lake Stream provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Lake Stream Tax Rate
0.96%
Average Washington County Tax Rate
1.70%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Lake Stream, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04668 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Grand Lake Stream, Maine
In Grand Lake Stream, Maine, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Washington County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Grand Lake Stream, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Grand Lake Stream helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grand Lake Stream is $85,600, with the median tax bill ranging from $781 at the 25th percentile to $1,023 at the 90th percentile. The highest and lowest median tax bills in the area are both $822, found in the 04668 zip code.
Property Tax Assessment Values Across Grand Lake Stream, Maine
Source: Ownwell
$40,740
$113,455
$186,170
Average Grand Lake Stream Assessed Value
$85,600
Average Washington County Assessed Value
$97,800
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Lake Stream, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04668 | $78,800 | $81,350 | $85,600 | $98,700 | $106,560 |
Source: Ownwell
Property Tax Bills Across Grand Lake Stream, Maine
In Grand Lake Stream, located in Washington County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $85,600. Homeowners can expect their property tax bill to vary, with the 25th percentile at $781 and the 75th percentile at $948, while the 90th percentile reaches up to $1,023. These figures are influenced by multiple factors, including the property's assessed value, which is determined by local assessors, and the tax rate set by the local government. The assessed value is a critical factor as it represents the taxable value of the property, which often differs from the market value. With a median tax bill of $822 in the 04668 zip code, homeowners in Grand Lake Stream are subject to a property tax rate that is competitive when compared to the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Grand Lake Stream Tax Bill
$822
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Lake Stream, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04668 | $756 | $781 | $822 | $948 | $1,023 |
Source: Ownwell